More than 300 relics valued at over 60 million yuan (US$7.25 million) arrived in Shanghai from Los Angeles to be auctioned off in the first event of its kind since the establishment of the People's Republic of China.

The Sino-American Collection Association Auction was a historic occasion, involving the return from overseas of so many valuable artifacts, but there was disappointment at the apparent lack of interest and low bidding.

Prior to the auction on November 30, the lots had been on display for three days, with more than 1,000 connoisseurs, buyers and collectors visiting, and security was tight.

But no more than 30 percent of the lots were sold over three hours, and only 24 million yuan (US$2.9 million) changed hands – much lower than the expected amounts.

One item stood out, according to Shanghai Morning Post: the painting "Hunting Scenery of People in Yuan Dynasty" whose bid price was 2.5 million yuan (US$302,060) but auctioned at 12 million yuan (US$1.45 million).

Yet this exception only served to highlight the low bids secured by the other lots. Zhou Nanquan, an ancient jade specialist from the Palace Museum, cited the example of a Western Han Dynasty gilded Jade Magic Beast. He considered this to be a first-rate piece, having never seen anything like it at the museum, and it had a starting price of 980,000 yuan and was expected to reach up to 1.2 million yuan (US$118,408-144,989). But even it could only secure its starting price.

Mr. Wu, an official from the Fine Arts Department of Shanghai Guotai Auction Co., explained that, "The items do not suit Shanghai collectors' tastes fully, so prices are lower than expected."

It is thought that some of the overseas collectors treated this auction as a test-run, not yet entering their finest pieces. It is also possible that the auction prices were set according to overseas demands rather than those of the domestic market.

(Shanghai Morning Post, translated by Li Shen for China.org.cn, December 3, 2004)